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ICD acquisition of Porto Montenegro

In 2016 Porto Montenegro was acquired by the Investment Corporation of Dubai (ICD), the principal investment arm of the Government of Dubai with investments spanning financial services, transportation, energy and industries, real estate and leisure and retail.

The move to acquire Porto Montenegro Marina and Resort is in alignment with ICD’s strategy to add high quality international assets in fast growing markets to its substantial portfolio. The transaction marked ICD’s first investment in Montenegro and the yacht marina sector, both of which are expected to experience strong growth in coming years.

“The internationally renowned Porto Montenegro presents an opportunity for ICD to access a successful business with significant potential for development expansion, both in the marina and landside,” said His Excellency Mohammed Al Shaibani, Executive Director and CEO of ICD. “It also represents a strategic fit with our expansion plans into international luxury real estate and hospitality sectors whilst providing exposure to a new geography.”

“Looking ahead, our aim is to realize Porto Montenegro Marina and Resort’s full long term potential,” added Al Shaibani. “Our priority at ICD is to support management in the fulfillment of its ambitious plans, and to further establish Montenegro as a prime European yachting destination,” Al Shaibani added.

Plans are afoot for a flydubai connection to Tivat from spring 2017 onwards.